The Nasdaq 100 struggles over rising labour costs in the fourth quarter. On the daily chart, a fall below the SMAs has put the index on a corrective course after a month-long rally. A former swing low at 11820 has attracted some buying interests with the RSI in the oversold zone, but that may not be enough to contain the bearish inertia. 12110 is the first level to expect sellers to step in and sentiment may only turn around if the support-turned-resistance of 12300 is cleared. Otherwise, 11550 would be next.
